Oil prices fall as US midterm elections boost crude exports

Oil prices were set for ‌a sharp weekly fall after the midterm election losses of United States President Donald Trump’s Republican Party raised hopes of a de-escalation in the US-Israeli war on Iran.

After early gains in a ⁠see-saw session on Friday, November 6, 2026, Brent crude futures for January were down 74 cents, or 0.8%, to $97.55 a barrel by 0826 GMT, while US West Texas Intermediate futures dipped 73 cents, or 0.8%, to $89.79.

The Brent contract is on track for a 16% decline this week, which would be its steepest weekly percentage fall since the start of the COVID-19 pandemic and its biggest in absolute terms in LSEG data going back to 1988.

WTI is set ‌for ⁠a more than 13% decline.

The oil price slide comes against the backdrop of a dramatic rout in technology stocks.

A potential Iran war de-escalation could lead to more crude exports out of the region, with signs of an emerging crude oil glut reinforced ⁠by spot premiums for Middle Eastern crude benchmarks returning to levels reached before the conflict.

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Oil prices fell 8% on Wednesday after the Democrats swept the US midterm elections, settling ⁠at two-month lows.

However, prices rebounded on a surge in tanker attacks in the Gulf and the Strait of Hormuz, renewing concerns over supply flows ⁠from the region.

Data from Britain’s maritime security agency UKMTO said attacks on oil-carrying ships were still running at close to record pace.